JSW Severfield Structures Limited Option Agreement

Severfield plc, the market leading structural steel group, today announces that the Group has entered into a share purchase option agreement (the 'Option Agreement') with JSW Steel Limited ('JSW'), India's leading steel manufacturer and its partner in the Indian joint venture, JSSL (engaged in design, fabrication and erection of structural steelwork and ancillaries, including decking for construction projects). JSW and the Company, each currently hold a 50 per cent interest in JSSL. The Option Agreement will be granting Severfield the right, but not the obligation, to dispose of an interest of up to 24.9 per cent in JSSL to JSW for up to £20m, exercisable, at its sole discretion, at any time on or before 31 March 2026.

The Option Agreement reflects the Board's prudent approach to strategic planning and provides the Group with additional financial flexibility. The Board confirms there is no current intention to exercise the Option Agreement and any decision to do so, and to dispose of any of its shareholding in JSSL, would only be made following a rigorous business case assessment. JSSL remains a strategically important venture for the Group and the Board continues to believe in its long-term value creation potential within the Indian market and remains committed to its successful partnership with JSW. The Group confirms that if the Option Agreement is exercised, a further announcement will be made though RNS.

As previously announced, the Group will announce its financial results for the year ended 29 March 2025 on Thursday 24 July 2025.